KARACHI: First Paramount Modaraba, managed by Paramount Investments Limited, announced the launch of its new Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) screening facility on Wednesday. This initiative aims to support the financial sector and other businesses in Pakistan in safeguarding themselves from the risks of money laundering and financial crimes.
In an official letter to the Pakistan Stock Exchange (PSX), the company revealed its partnership with FinScan®, a global leader in providing technologies to combat money laundering and terrorism financing. Through this collaboration, Paramount Modaraba seeks to offer a cutting-edge screening solution that is both accessible and affordable to a wide range of businesses across Pakistan.
The new AML/CFT screening facility is built on a financial-grade infrastructure, ensuring the highest level of security and confidentiality for client data. This makes it a valuable asset for financial institutions and other industries that are increasingly vulnerable to financial crimes.
According to Paramount Modaraba, thousands of businesses in Pakistan can now take advantage of this world-class technology to strengthen their compliance with regulatory requirements and protect themselves from the growing threats of financial crimes. The screening facility is expected to streamline and enhance anti-money laundering practices across the country.
The businesses that are set to benefit immediately from this new screening service include banks, insurance companies, mutual funds, asset management firms, stock brokerage houses, money exchangers, Modarabas, chartered accountant firms, lawyers, real estate builders and brokers, as well as precious stone dealers and jewelers.
The introduction of this AML/CFT screening platform aligns with the expectations of Pakistan’s regulatory authorities, particularly as the country continues to enhance its financial regulations to meet global standards. With this facility, businesses can ensure compliance with AML and CFT regulations, while reducing their exposure to potential penalties and reputational damage.
As the first domestically established and cost-effective screening facility in Pakistan to offer world-class technology, this initiative is expected to have a significant impact on the profitability of Paramount Modaraba. The company believes that this will not only enhance its service offering but also create value for its certificate holders.
This latest development marks an important step in strengthening Pakistan’s financial infrastructure, providing businesses with the tools they need to combat financial crimes effectively.
